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the labour market, market failure and externalities, government intervention in markets, public economics
The idea that land is, in an important way, different from the other two factors of production, capital and labour, can be traced back as far as the writings of economist Adam Smith in the 1770s and even earlier. It was another economist, David Ricardo, who in 1817 provided the first clear-cut demonstration that there are some incomes, the rent of land in particular, which are unearned in the sense that no effort or sacrifice is needed to reap the benefits. Such incomes are labelled ‘pure rent’ by economists.
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